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GGX Gold commences drilling Gold Drop Property in historic Greenwood Gold Mining Camp

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The Gold Drop Property is located in the Greenwood mining camp in southern British Columbia, one of the most prolific mining camps in Canada.

Additional Information:

Company: GGX Gold
Website: http://www.GGXgold.com
Stock Symbol: TSXV: GGX
Date Published: Jul 29, 2020
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

GGX Gold has commenced diamond drilling at its Gold Drop Property.

The Gold Drop Property is located in the Greenwood mining camp in southern British Columbia, one of the most prolific mining camps in Canada.

A diamond drill has been moved to the property and is now being located on the first site.

This hole will test an airborne geophysical anomaly that was identified to the company in 2019 by Earth Science Services Corporation of Oshawa, Ontario.

Earth Sciences is developing its proprietary Stargate II Drill Target Modeling System, based on Acoustic EM analysis, which employs an enhanced, deep-penetrating ultra-sonic Audio-Magnetotellurics geophysical survey.

Although the system is in a developmental, pre-commercial stage and its effectiveness is not fully known, GGX management is excited to have the opportunity to trial this new technology.

The large, geophysical anomaly, measuring 1834 by 1377 meters, is centered at the intersection of three interpreted major fault conduit structural traces and is located along strike and to the north of the C.O.D. vein trend.

Two of the interpreted “conduit-fault-structural traces” coincide with known trends of the C.O.D. vein and a NW-trending cross-fault systems.

This will be GGX Gold’s second hole testing the new technology, with hole AMT19-01 previously testing the northern portion of the large anomaly.

Hole AMT19-01 was drilled to a depth of 719 meters and intersected strong magnetite mineralization, with geochemical results indicating elevated copper, zinc and iron between 90.31 and 718.7 meters, including two sections of high magnetic susceptibility showing between 209 and 325 meters and again between 478 and 597 meters.

Copper values averaged 249 ppm in 38 of 62 samples that contained 100 ppm or greater copper, with values ranging from 102 to 837 ppm.

Zinc averaged 175 ppm in 48 of 62 samples containing ppm 100 or greater zinc, with values ranging from 102 to 572 ppm.

Iron averaged 10.0% in 48 of 62 samples containing 5% or greater iron, with values ranging from 5.27 to 12%.

Gold values were slightly elevated between 542 and 551 meters, with three consecutive 3.05 meter long samples assaying 0.02, 0.06 and 0.03 ppm gold in an interval containing approximately 10 % magnetite.

The elevated values for gold, copper, zinc and iron are associated with calc-silicate altered rocks and magnetite mineralization in the drill core.

Magnetite-bearing skarn-type copper-gold deposits are an important deposit type in the Greenwood camp, with the largest being the Phoenix and Motherlode deposits, with the Phoenix producing 28,341 kg of gold, 183,036 kg of silver and 235,693 tonnes of copper and the Motherlode producing 6,648 kg gold, 22,083 kg silver, and 34,918 tonnes copper.

It is now interpreted that AMT19-01 was drilled into a down-dropped, northern block and that the southern block, where the drill will start this year, is a better location because the interpreted source of the anomaly lies closer to surface.

If successful, the test at the Gold Drop property could result in the discovery of a new gold deposit or even a new gold deposit type.

Initial field work has been focussed on preparation for trenching and drilling, with targets being marked out at the C.O.D. vein, Rhoderick Dhu, and Gold Drop mine areas.

These areas will be trenched first and then drill tested if warranted.

The first trench will be on the C.O.D. vein at its southern end where some of the world’s best intercepts of the year were obtained as announced in a news release in March 2019.

 COD18-67: 129 g/t gold, 1,154 g/t silver & 823 g/t tellurium over 7.28 meters core length.
 COD18-70: 107 g/t gold, 880 g/t silver & 640 g/t tellurium over 6.90 meters core length.

The shares are trading at $0.26.

For more information, please visit the company’s website at www.GGXgold.com, contact Barry Brown, CEO, at 604-488-3900 or email office@GGXgold.com.

I’m Megan Edwards for Investmentpitch Media